Activist investor Elliott Investment Management stated in a letter addressed to Honeywell’s Board of Directors that it wants Honeywell International Inc. to spin-off its Aerospace Technologies business.

It argues that separating Honeywell would lead to simplified strategies, focused management, enhanced capital allocation and better operational performance.

Honeywell International shares jumped Tuesday to an all-time high, after Elliott Investment Management said it has built a $5 billion-plus position in the industrials conglomerate and is seeking a breakup of the company.

Elliott Management is pushing for Honeywell International to split up its business after the activist investment fund built an over-$5 billion stake in the industrial conglomerate.

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.